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Lloyds ​Banking Group has chosen Germany as its European base after Brexit and aims to apply for a licence in the country in a matter of months.

It is understood that Lloyds has made a final decision to turn its Berlin branch into a subsidiary, to ensure it has a hub inside the European Union once the UK leaves.

The bank hopes to submit an application to BaFin, the German financial regulator, to change the status of its Berlin operation by the end of September.

It considered a number of European cities for an EU base, including Amsterdam and Dublin. However, it has settled on Berlin because the city is already home to its biggest European operation, employing some 300 staff.